The economic and financial crisis of 2008: a comparison between the United States and Spain

Abstract

The longest phase of growth registered in the economies worldwide, was badly affected by the beginning of the financial crisis in 2008, the most severe of the last few years, even much worse than the Great Depression caused by the 29 crash. The development of the crisis has been singular by its complexity, intensity and the difficulties in overcoming it. Spain and the United States, are the two main countries in the object of study of this work, principally by large imbalances committed in the housing market. What it began as a localized problem in the financial system, to Spain marked the beginning of the worst phase of its growth, by all the effects caused. In both economies were established reforms in order to troubleshoot the errors committed, with the difference that the capacity of recovery in the US economy was much more rapid than in the Spanish economy